Sri Sakthi Groups

GST is a single biggest reform (since the liberalisation reforms of 1991) that can transform and revolutionise India's economy and tax regime. Analysts are saying that the sooner it is implemented, the better it is going to be for India's GDP. In fact, if media reports are to be taken as a fair estimate of its overall monetary impact on the nation as a whole, then the new well-designed and flawless indirect taxes regime could boost India's GDP by more than 2%. After a long drawn political battle, finally the constitutional amendment bill has moved one step forward paving the way for the GST to come into existence. The contentious issues of legislative capping of the GST rate, abolition of 1% inter-state tax to favour manufacturing states and a legislated dispute resolution mechanism have, for the time being, been settled mutually, at least to an extent, by the governments. Its passage marks the achievement of a key milestone in the long-delayed progress of the key reform,...

GST is a single biggest reform (since the liberalisation reforms of 1991) that can transform and revolutionise India's economy and tax regime. Analysts are saying that the sooner it is implemented, the better it is going to be for India's GDP. In fact, if media reports are to be taken as a fair estimate of its overall monetary impact on the nation as a whole, then the new well-designed and flawless indirect taxes regime could boost India's GDP by more than 2%. After a long drawn political battle, finally the constitutional amendment bill has moved one step forward paving the way for the GST to come into existence. The contentious issues of legislative capping of the GST rate, abolition of 1% inter-state tax to favour manufacturing states and a legislated dispute resolution mechanism have, for the time being, been settled mutually, at least to an extent, by the governments. Its passage marks the achievement of a key milestone in the long-delayed progress of the key reform,...